cds directly on treasuries as opposed to other securities are actually not that big. it would take an action to invoke the credit event. that could be a problem for some institutions. but it would not be the biggest problem. >> but your point is that this could be a self-inflicted wound doing more damage to the deficit down has been done to date? -- to the visit than has been done -- to the deficit men has been done to date? -- your point is that this could be a self-inflicted wound doing more damage to the deficit then has been done to date? >> it is not an option that we should be considering. >> thank you. >> thank you, mr. chairman. i will follow-up on this for just a moment and then i want to move on to some other issues. to make the observation that the market perceives and consequences are starkly different between the u.s. government failing to make an interest payment on a bond or on the other hand, bloating some -- delaying the reimbursement to a vendor or failing to cut the grass at the monument. these are very different events. the month of august has sche